Soybean Watch: CBOT Called 1 to 3 Cents Lower.

Resource News International, September, 2004

Winnipeg, MB, Sep 17, 2004 (Resource News International via COMTEX)

Chicago Board of Trade soybean futures are called 1 to 3 US cents per bushel lower, as expectations for good US weekend harvest progress should weigh on the market. However, oversold sentiments may temper the losses. The overnight electronic trend was up 1 cent to down 1/2 cent.

In other news, China forecast it's 2004 soybean production at 18 million metric tons, up from the 2003 level of 15.4 million tons.

CBOT Nov soybeans continue to look technically bearish and a move to the August low of US$5.52 is still possible, said analysts. Near term support is seen at US$5.56 1/2 and then at US$5.52. Resistance is placed at US$5.65 and then at US$5.74.

Soymeal futures are...

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